Shariah FMR June 2017 Mohammad Usama Iqbal Awais Abdul Sattar, CFA &KLHI ([HFXWLYH 2 ]FHU Asset...

Alhamra Islamic Income Fund 16

DISCLAIMERThis publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o"er to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV

based prices of units and any dividends/returns thereon are dependant on forces and factors a"ecting the #nancial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative

of future results. Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.

MUFAP’s Recommended Format

NAV per Unit (PKR)

Net Assets (PKR M)

Weighted average time to maturity (Years)

Sharpe Ratio

Correlation

Standard Deviation

Total expense ratio with government levy**

101.0756

1.981

1.8

0.14

8.8%

0.05

1.42%

1.12%Total expense ratio without government levy

**This includes 0.30% representing government levy, Sindh workers' welfare fund and SECP Fee.

Fund Facts / Technical Information

Meezan Bank Limited (22-Sep-16) 5.30%

4.90%Engro Fertilizer Limited (09-Jul-14)

4.80%

Top Sukuk Holding (% of Total Assets)

To generate risk adjusted returns by investing in short, medium and long-term

Shariah Compliant Fixed Income instruments.

Investment Objective

MCBAH Shariah Supervisory Board

Justice (Rtd.) Muhammad Taqi Usmani

Dr. Muhammad Zubair Usmani

Dr. Ejaz Ahmed Samdani

Chairman

Member

Member

Annualized

2016201520142012 2013

Benchmark (%)

ALHIIF(%)

Particulars

6.6 6.30 6.09 6.29 4.42

10.4 8.90 8.38 6.55 5.05

Asset Allocation (%age of Total Assets)

Jun-17

Cash 46.0%

27.4%

14.9%

6.0%

5.0%

0.7%

57.7%

8.6%

24.6%

0.0%

8.2%

0.9%

GoP Ijara Sukuks

Sukuk

Certi#cate of Musharakah

Certi#cate of Modaraba

Others including receivables

May-17Particulars

Others

Provision against Sindh Workers' Welfare Fund's liability

ALHIIF has maintained provisions against Sindh Workers’ Welfare Fund's liability

to the tune of Rs 1.92 million, if the same were not made the NAV per unit of

ALHIIF would be higher by Rs. 0.0981 and YTD return would be higher by 0.1%.

For details investors are advised to read Note 7.2 of the latest Financial

Statements for the nine months ended March 31, 2017 of ALHIIF.

General Information

Asset Quality (%age of Total Assets)

NAV - PKR 101.0756

Muhammad Saqib Saleem

Muhammad Asim, CFA

Saad Ahmed

Syed Mohammad Usama Iqbal

Awais Abdul Sattar, CFA

Asset Class Specialist - Equities

Asset Class Specialist - Fixed Income

Fund Manager - Fixed Income Funds

Senior Research Analyst

Members of the Investment Committee

Performance Information (%)

ALHIIF Benchmark

Year to Date Return (Annualized) 6.49%

7.89%

7.35%

6.49%

7.61%

5.83%

3.31%

2.37%

2.66%

3.31%

6.34%

-

Month to Date Return (Annualized

180 Days Return (Annualized)

365 Days Return (Annualized)

Since inception (CAGR)

Average Annual Return (Geometric Mean)

Particulars

Manager’s Comment

During the month the fund generated an annualized return of 7.89% as against

its benchmark return of 2.37%. The fund decreased its exposure in certi#cate of

Modaraba.

*Subject to government levies

Fund Type An Open End SchemeCategory Shariah Compliant (Islamic) Income Scheme

Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17)

Stability Rating AA-(f ) by PACRA (30-Dec-16)

Launch Date 20-Jun-2011

Fund Manager Syed Mohammad Usama IqbalTrustee Central Depository Company of Pakistan Limited Auditor A.F.Ferguson & Co. Chartered AccountantsManagement Fee 10% of Gross Earnings subject to minimum

Front / Back end Load*

Min. Subscription Growth & Bachat Units ----- PKR 500

Pricing Mechanism Forward

Dealing Days Monday - Friday

Cut o" Timing Mon - Fri (9:00AM to 4:30 PM)Leverage Nil

Risk Pro#le Low

fee of 0.25% of average daily Net AssetsClass "A" Units:Individual ------------- 1.5%Corporate ------------- NilClass "B" Units ------- 0%Bachat Units ---------- Nil

Back end Load* Class "A" Units ----------- 0%Class "B" Units: 1.5% on redemption in the #rst (1st)year from the date of investment1.0% on redemption in the second (2nd) year from the date of investment0.0% on redemption after completion of two(2) years from the date of investmentBachat Units:3% if redeemed before completion of two years from the date of initial investment.0% if redemption after completion of twoyears from the date of initial investment

Income Units ------------------ PKR 100,000

Listing Pakistan Stock ExchangeSix (6) months average deposits rates of three (3)BenchmarkA rated Scheduled Islamic Banks or Islamic windowsof Conventional Banks as selected by MUFAP

(Formerly:MCB Islamic Income Fund) - June 30, 2017

Ghani Gases Limited - SUKUK (02-Feb-17)

Government

Secu s,

27.4%

AAA, 0.5%

AA, 6.0% AA-, 45.6%

A+, 15.0%

A, 4.8%

Not Rated, 0.7%





Alhamra Islamic Asset Allocation Fund17 NAV - PKR 73.0135


Jun-17

Cash 56.1%

43.2%

0.1%

0.6%

27.74%

-5.29%

3..9%

27.74%

305.42%

18.07%

-9.16%

-2.43%

18.07%

446.62%

31.8%

66.0%

0.1%

2.1%

Stock /Equities

May-17

Sukuk


Particulars


ALHAA BenchmarkYear to Date Return

Month to Date Return

180 Days Return

365 Days Return

Since inception

Particulars

Others

Provision against Sindh Workers' Welfare Fund's liabilityALHAA has maintained provisions against Sindh Workers’ Welfare Fund's liability to the tune of Rs 7.62 million, if the same were not made the NAV per unit of ALHAA would be higher by Rs. 0.3747 and YTD return would be higher by 0.66%. For details investors are advised to read Note 6.2 of the latest Financial Statements for the nine months ended March 31, 2017 of ALHAA.

Lucky Cement Limited

Hub Power Company Limited

Oil and Gas Development Company Limited

Engro Corporation Limited

Engro Polymer and Chemicals Limited

K-Electric Limited

Pak Elektron Limited

Mari Petroleum Company Limited

Pakistan Petroleum Limited

International Industries Limited

5.1%

3.4%

2.9%

2.9%

2.3%

2.1%

2.0%

1.9%

1.8%

1.8%

Top 10 Holdings (%age of Total Assets)

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Equity


ALHAA KMI-30

NAV per Unit (PKR)

Net Assets (PKR M)

Sharpe Ratio

Beta

Correlation

Max draw up

Max draw Down

Standard Deviation


Total expense ratio without government levy

*prospective earnings

** This includes 0.98% representing government levy, Sindh workers' welfare fund and SECP Fee

Particulars

73.0135

1,485

0.05

0.66

83.4%

502.93%

-28.91%

0.76

4.03%

3.05%

2016210520142012 2013

Benchmark (%)

ALHAA (%)

11.00 46.60 28.51 17.47 13.53

2012 2013 2014 2015 2016

15.70 28.40 18.89 35.59 5.09

Sector Allocation (%age of Total Assets)

14.9% 56.1% 0.6%4.4%3.5% 9.0% 6.9% 4.6%

Cement

Fertilizer

Oil & Gas Exploration Companies

Power Generation & Distribution

Engineering

Other Sectors

Cash

Other Assets

(Formerly:Pakistan International Element Islamic Asset Allocation Fund) - June 30, 2017

The objective of the fund is to provide medium to long term capital appreciation throughinvesting in Shariah compliant investments in Pakistan and Internationally.



Muhammad Asim, CFASyed Abid AliSaad Ahmed


Asset Class Specialist - Equities Asset Class Specialist - Fixed Income


Mohammad Aitazaz Farooqui Research Analyst



Dr. Muhammad Zubair UsmaniDr. Ejaz Ahmed Samdani

Chairman

MemberMember


Manager’s CommentThe fund posted a return of -5.29% as against its benchmark return of -9.16% during the month. Exposure in equities was decreased to 43.2% as compared to 66% in the previous month while allocation in cash increased to 56.1% from 31.8% over the same period.

Asset Quality - Inclusive of equity portfolio(%age of Total Assets)

AAA , 7.3% AA+, 0.2%

AA, 0.1%

A+, 10.1%

AA- , 38.5%

Not Rated,

43.8%

0.06

1.00

950.40%

-39.65%

0.95

General Information

Fund Type An Open End Scheme

Category Shariah Compliant Islamic Asset Allocation Scheme


Stability Rating Not Applicable

Risk Pro#le Moderate to High

Launch Date 2-May-2006

Fund Manager Awais Abdul Sattar, CFA

Trustee Central Depository Company of Pakistan Limited

Auditor EY Ford Rhodes, Chartered Accountants

Management Fee 2% per annum of the average daily Net Assets of the scheme

Front end Load * Type A Units: Individual 3%

Corporate Nil

Type B Units: Nil

Type C Units (Bachat Units) : Nil

Back end Load* Type A Units --- NIL

Type B Units

3.0% for #rst year after investment

2.0% for second year after investment

1.0% for third year after investment

NIL for redemptions after completion of 3 years from investment

Type C-Bachat Units

Bachat Units (Two Years):

3% if redeemed before completion of two years from the date of

initial investment.

0% if redemption after completion of two years from the date of

initial investment.

Bachat Units (Three Years):

3% if redeemed before completion of three years from the date

of initial investment.

0% if redemption after completion of three years from the date

of initial investment.

Min. Subscription PKR 500

Listing Pakistan Stock Exchange

Benchmark KMI 30 Index and Six (6) months average deposit rates of three

(3) A rated scheduled Islamic Banks or Islamic Windows of

Conventional Banks as selected by MUFAP on the basis of actual

proportion held by the Scheme



Cut o" Timing Mon-Fri (9:00 AM to 4:30 PM)

Leverage Nil







Alhamra Islamic Stock Fund18 NAV - PKR 12.25

The objective of the Fund is to provide investors long term capital appreciation from its investment in Shariah Compliant Equity Securities.


Manager’s CommentThe fund posted a negative return of 6.1% in June 2017 compared to a 10.12% drop in the benchmark KMI-30 Index, as political uncertainty took its toll on the stock market. For FY17 however, the fund posted a return of 29.97%, compared to the benchmark of 18.8%, outpacing the benchmark by a healthy 11.17%. During the month, we reduced exposure in cements by 2.5% due to expected slowdown in demand amid Ramadan and monsoon season. During the month, the fund was invested in 74.2% in equities while remaining in cash and cash equivalent.


Muhammad Asim, CFASaad AhmedSyed Abid Ali


Mohammad Aitazaz Farooqui

Asset Class Specialist - Fixed IncomeAsset Class Specialist - Equities


Research Analyst



Dr. Muhammad Zubair UsmaniDr. Ejaz Ahmed Samdani

Chairman

MemberMember



Jun-17

Stock / Equities 74.2%

25.2%

0.6%

80.1%

12.3%

7.6%

Cash

May-17


Particulars


ALHISF BenchmarkYear to Date Return 29.97

-6.10

2.93

29.97

34.38

18.80

-10.12

-3.91

18.80

35.14


180 Days Return

365 Days Return

Since inception

Particulars

2016210520142012 2013

Benchmark (%)

ALHISF(%)

10.40 52.20 41.16 16.01 15.53

2012 2013 2014 2015 2016

14.90 32.30 31.38 19.20 3.90

Others

Provision against Sindh Workers' Welfare Fund's liabilityALHISF has maintained provisions against Sindh Workers' Welfare Funds' liability to the tune of Rs.9.95 million, if the same were not made the NAV per unit of ALHISF would be higher by Rs.0.0418 and YTD return would be higher by 0.44%. For details investors are advised to read Note 6.1 of the latest Financial Statements for the nine months ended March 31, 2017 of ALHISF.

General Information




D.G. Khan Cement Company Limited

6.4%

6.2%

5.5%

3.6%

3.1%

2.9%

2.8%

2.8%

2.6%

2.5%

Pak Elektron Limited


Engro Polymer & Chemicals Limited

Oil and Gas Development Company Limited


Top 10 Equity Holdings (%age of Total Assets)

Sector Allocation (%age of Total Assets)

27.1% 25.8%10.8%15.9% 6.4% 6.8% 7.2%

Cement


Fertilizer


Engineering

Other Equities

Cash & Other Assets

ALHISF KMI-30

NAV per Unit (PKR) 12.25

2,915

10.97

3.77

51.0

101.80

0.04

0.76

90.2%

656.54%

-60.10%

1.07

4.09%

3.13%

Net Assets (PKR M)

Price to Earning (x)* 9.80

5.40

30

163.3

0.04

0.00

785.16%

-16.20%

1.28

Dividend Yield (%)

No. of Holdings

Weighted Avg. Market Cap. (PKR Bn)

Sharpe Ratio

Beta

Correlation

Max draw up

Particulars

Max draw down

Standard Deviation



*prospective earnings

**This includes 0.96% representing government levy, Sindh Workers' Welfare fund and SECP fee


Fund Type An Open End Scheme

Category Shariah Compliant Equity Scheme



Launch Date 11-Sept-2004 (Converted into Shariah Compliant Islamic Fund

with e"ect from July 01,2015)

Fund Manager Awais Abdul Sattar CFA


Auditor EY Ford Rhodes, Chartered Accountants

Management Fee 2.0% p.a.

Front end Load*


Pricing Mechanism ForwardDealing Days Monday - FridayCut o" Timing Mon - Fri (9:00AM to 4:30 PM)

Leverage Nil


Type "B" Units:Individual 3%Corporate Nil

Type "C" Units

Bachat Units(Two Years)--------Nil

Back end Load*

Bachat Units(Three Years)------Nil

Type "B" Units ---------- NilType "C" Units - Bachat Units(Two Years):3% if redeemed before completion of two (2) years

from the date of intial investment.

0% if redemption after completion of two (2) years

from the date of initial investment.

Type "C" Units - Bachat Units(Three Years):3% if redeemed before completion of three (3) years


0% if redemption after completion of three (3) years



KMI-30 IndexBenchmark

(Formerly:MCB Pakistan Islamic Stock Fund) - June 30, 2017


Alhamra Islamic Active Allocation Plan-I 19





NAV per Unit (PKR)

Net Assets (PKR M)

Total expense ratio with government levy*


100.0163

1,584

0.66%

0.53%



Manager’s Comment

During the month, the fund posted a return of -3.84% against its benchmark

return of -4.86%. The fund decreased its exposure in cash from 52.3% to 6.5%

while increased its exposure in Alhamra Islamic Stock Fund from 47.2% to 54.3%.


Muhammad Asim, CFA

Syed Abid Ali

Saad Ahmed


Muhammad Aitazaz Farooqui




Research Analyst



Jun-17Particulars

Cash 6.5%

54.3%

38.8%

0.0%

0.4%

52.3%

47.2%

0.0%

0.0%

0.5%

Alhamra Islamic Stock Fund

Alhamra Islamic Income Fund

GoP Ijara Sukuk


May-17

Others


ALHIAAP-I has maintained provisions against Sindh Workers’ Welfare Fund's

liability to the tune of Rs 0.26 million, if the same were not made the NAV per

unit of ALHIAAP-1 would be higher by Rs. 0.0167 and YTD return would be

higher by 0.02%. For details investors are advised to read Note 5.1 of the latest

Financial Statements for the nine months ended March 31, 2017 of ALHIAAP-I.

General Information



ALHIAAP- I BenchmarkParticulars

Year to Date Return


180 Days Return

365 Days Return

Since inception

*This includes 0.13% representing government levy, Sindh Workers' Welfare fund and SECP fee


NAV - PKR 100.0163

0.81%

-3.84%

0.73%

0.00%

0.81%

-1.35%

-4.86%

-1.36%

0.00%

-1.35%

(Formerly:An Allocation Plan of Alhamra Active Allocation Fund) - June 30, 2017

Plan Type An Open End Scheme

Category Shariah Compliant Islamic Asset Allocation Plan




Launch Date 29-Dec-16

Fund Manager Syed Abid Ali

Trustee MCB Financial Services Limited

Auditor A.F. Ferguson & Co. Chartered Accountants

Management Fee 1% p.a. on average annual net assets on a portion not

invested in mutual funds of MCB Arif Habib Savings and

Investments Limited.

Front end Load* Individuals 3%

Corporate Nil

Back end Load* Nil

Contingent Load* 3%



Benchmark KMI-30 Index and six (6) months average deposit rates of

three (3) “A” rated Scheduled Islamic Banks or Islamic

Windows of Conventional Banks on the basis of actual

proportion held by the scheme



Cut o" Timing Mon-Thurs (9:00 AM to 4:30 PM)

Leverage Nil

Alhamra Islamic Active Allocation Plan-I is a Shari'ah Compliant Islamic Asset

Allocation Plan with an objective to earn a potentially high return through active

asset allocation among Shari'ah Compliant Islamic Scheme based on the Fund

Manager's outlook of the asset classes.

Not Rated

93.5%

A+

6.4%

AAA

0.1%

Alhamra Islamic Active Allocation Plan-II 20



of future results. Performance data does not include the cost incurred directly by an investor in the form of sales loads etc


NAV per Unit (PKR)

Net Assets (PKR M)

Total expense ratio with government levy*


100.0057

87.97

0.07%

0.05%


Alhamra Islamic Active Allocation Plan-II is a Shari’ah Compliant Islamic Asset

Allocation Plan with an objective to earn a potentially high return through active

asset allocation among Shari'ah Compliant Islamic Scheme based on the Fund

Manager's outlook of the asset classes.


Manager’s Comment

During the month, the fund posted a return of 0.19% against its benchmark

return of 0.1%. The fund was 14.7% invested in cash, 28.2% in Alhamra Islamic

Stock Fund, and 56.8% in Alhamra Islamic Income Fund.


Muhammad Asim, CFA

Syed Abid Ali

Saad Ahmed






Research Analyst



Jun-17Particulars

Cash 14.7%

28.2%

56.8%

0.0%

0.3%

0.0%

0.0%

0.0%

0.0%

0.0%

Alhamra Islamic Stock Fund

Alhamra Islamic Income Fund

GoP Ijara Sukuk


May-17

Others


ALHIAAP-II has maintained provisions against Sindh Workers’ Welfare Fund's

liability to the tune of Rs 0.0033million, if the same were not made the NAV per

unit of ALHIAAP-II would be higher by Rs. 0.0037 and YTD return would be

higher by 0.0%.

General Information



ALHIAAP- II BenchmarkParticulars

Year to Date Return


180 Days Return

365 Days Return

Since inception

*This includes 0.02% representing government levy, Sindh Workers' Welfare fund and SECP fee

Note: Cash and Cash Equivalents of ALHIAAP-II exceeded its allowed limit of 10% as mentioned

in its o"ering Document and was at 14.77% of total net assets of ALHIAAP-II. This breach of limit

occurred due to fresh investment.


NAV - PKR 100.0057

0.19%

0.19%

0.00%

0.00%

0.19%

0.10%

0.10%

0.00%

0.00%

0.10%

(Formerly:An Allocation Plan of Alhamra Active Allocation Fund) - June 30, 2017

Not Rated

85.3%

A+

9.8%

AA-

2.5%

AAA

2.4%

Plan Type An Open End Scheme

Category Shariah Compliant Islamic Asset Allocation Plan




Launch Date 16-June-17

Fund Manager Syed Abid Ali

Trustee MCB Financial Services Limited

Auditor A.F. Ferguson & Co. Chartered Accountants

Management Fee 1% p.a. on average annual net assets on a portion not

invested in mutual funds of MCB Arif Habib Savings and

Investments Limited

Front end Load* Individuals 3% Corporate Nil

Back end Load* Nil

Contingent Load* 3% if redeemed within twelve months from the

date of Investment

1% if redeemed after twelve months and before twenty

four months from the date of Investment.



Benchmark KMI-30 Index and six (6) months average deposit rates of

three (3) “A” rated Scheduled Islamic Banks or Islamic

Windows of Conventional Banks on the basis of actual

proportion held by the scheme



Cut o" Timing Mon-Thurs (9:00 AM to 4:30 PM)

Leverage Nil

Pakistan Islamic Pension Fund 21

DISCLAIMERThis publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o"er to buy or sell any fund. All investments in Voluntary Pension Schemes are subject to market

risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors a"ecting the #nancial markets. These may go up or down based on market conditions. Past performance is not

necessarily indicative of future results. Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.





Cherat Cement Company Limited


Oil & Gas Development Company Limited

8.6%

7.4%

6.2%

4.7%

3.9%

3.8%

3.5%

3.3%

3.1%

3.0%

Pak Electron Limited

Pakistan Oil Fields Limited



The investment objective of the fund is to seek steady returns with a moderate

risk for investors by investing in a portfolio of equity, short medium term debt

and money market instruments.


Manager’s Comment

Equity sub‐fund generated return of -7.02% during the month. Overall allocation

in equity was increased.

Debt sub‐fund generated a return of 10.27% during the month. GOP Ijara Sukuk

exposure was increased.

Money Market sub‐fund generated an return of 6.25% during the month. The

exposure in cash was decreased.





Chairman

Member

Member


Muhammad Asim, CFA

Syed Abid Ali

Saad Ahmed






Research Analyst


Performance Information & Net Assets

PIPF-MM**PIPF-DT**PIPF-EQ*

Year to Date Return (%)

Month to Date Return (%)

Since inception (%)

Net Assets (PKR M)

NAV (Rs. Per unit)

2012

PIPF - EQ*

PIPF - DT**

Particulars

PIPF - MM**

2013 2014 2015 2016

33.21

-7.02

483.52

453.27

584.69

4.46

10.27

7.05

202.96

196.63

3.78

6.25

5.88

72.67

174.03

24.70 41.80 42.10 39.53 14.84

8.40 6.80 8.22 4.76 4.04

8.30 7.70 6.86 4.80 2.36

* Total Return ** Annualized return

PIPF -Equity (%age of Total Assets)

Jun-17

Cement


Fertilizer

Automobile Assembler

Other equity sectors

Cash


Particulars

PIPF -Debt (%age of Total Assets)

Jun-17Particulars

Cash 9.0%

68.3%

0.6%

6.0%

16.1%

25.1%

50.4%

1.7%

6.2%

16.6%

GoP Ijara Sukuk


TFCs


May-17

PIPF -Money Market (%age of Total Assets)

Jun-17Particulars

Cash

GoP Ijara Sukuk



51.3%

30.3%

17.7%

0.7%

58.9%

22.2%

17.9%

1.0%

May-17

Others


PIPF-EQ has maintained provisions against Sindh Workers’ Welfare Fund's liability

to the tune of Rs. 2.35 million, if the same were not made the NAV per unit would

be higher by Rs. 3.0323 per unit and YTD return would be higher by 0.69%. For

details investors are advised to read Note 8.2 of the latest Financial Statements for

the nine months ended March 31, 2017 of PIPF.

PIPF-DT has maintained provisions against Sindh Workers’ Welfare Fund's liability





PIPF-MM has maintained provisions against Sindh Workers’ Welfare Fund's liability


be higher by Rs. 0.2244 and YTD return would be higher by 0.13%. For details

investors are advised to read Note 8.2of the latest Financial Statements for the

nine months ended March 31, 2017 of PIPF.

General Information


19.2%

15.4%

8.6%

7.0%

6.2%

34.6%

7.9%

1.1%

15.5%

15.4%

8.4%

7.1%

6.5%

33.3%

13.0%

0.8%

May-17


8.6%

7.4%

6.2%

4.7%

3.9%

3.8%

3.5%

3.3%

Month to Date Return (%)

Since inception (%)

Net Assets (PKR M)

NAV (Rs. Per unit)

2012

PIPF - EQ*

PIPF - DT**

PIPF - MM**

2013 2014 2015 2016

-7.02

483.52

453.27

584.69

10.27

7.05

202.96

196.63

6.25

5.88

72.67

174.03

24.70 41.80 42.10 39.53 14.84

8.40 6.80 8.22 4.76 4.04

8.30 7.70 6.86 4.80 2.36

PIPF-MM**PIPF-DT**PIPF-EQ*

Year to Date Ret (%)

Particulars

33.21 4.46 3.78Year to Date Return (%) 33.21 4.46 3.78

tion, recommendation or an o"er to buy or sell any fund. All investments in Voluntary Pension Schemes are subject to mar

actors a"ecting the #nancial markets. These may go up or down based on market conditions. Past performance is no

y an investor in the form of sales loads etc.

3.1%

3.0%* Total Return ** Annualized return

3.3% PIPF - MM** 8.30 7.70 6.86 4.80 2.36

-MM**

market

s not

s

r

r


Fertilizer

Automobile Assembler

Other equity sectors

Cash


8.6%

7.0%

6.2%

34.6%

7.9%

1.1%

8.4%

7.1%

6.5%

33.3%

13.0%

0.8%



PIPF -Equity (%age of Total Assets)

Jun-17

Cement


Particulars

19.2%

15.4%

15.5%

15.4%

May-17

Automobile Assembler 8.6% 8.4%


Jun-17Particulars

Cash 9.0%

68.3%

0.6%

6.0%

16.1%

25.1%

50.4%

1.7%

6.2%

16.6%

GoP Ijara Sukuk


TFCs


May-17

16.1% 16.6%Certi#cate of Modaraba

n

PIPF D bt

Jun-17Particulars

Cash

GoP Ijara Sukuk



51.3%

30.3%

17.7%

0.7%

58.9%

22.2%

17.9%

1.0%

May-17


PIPF -Money Market (%age of Total Assets)

PIPF-MM has maintained provisions against Sindh Workers’ Welfare Fund's liability


be higher by Rs. 0.2244 and YTD return would be higher by 0.13%. For details

investors are advised to read Note 8.2of the latest Financial Statements for the

nine months ended March 31, 2017 of PIPF.



PIPF-DT has maintained provisions against Sindh Workers’ Welfare Fund's liability





r


Muhammad Aitazaz Farooqui Research Analyst





Cherat Cement Company Limited


Oil & Gas Development Company Limited

8.6%

7.4%

6.2%

4.7%

3.9%

3.8%

3.5%

3.3%Pakistan Oil Fields Limited

DISCLAIMERThis publication is for informational purposes only and nothing herein should be construed as a solicitation

risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and facto

necessarily indicative of future results. Performance data does not include the cost incurred directly by an in

3.1%

3.0%

Pak Electron Limited


3.3%Pakistan Oil Fields Limited 3.3%


Muhammad Asim, CFA

Syed Abid Ali

Saad Ahmed






Research AnalystMuhammad Aitazaz Farooqui Research Analyst

MCBAH Shariah Supervisory Boardp y




Chairman

Member

Member

Members of the Investment CommitteeMembers of the Investment Committee

Others


PIPF-EQ has maintained provisions against Sindh Workers’ Welfare Fund's liability




d

General Information

Pakistan Islamic Pension Fund21


Debt sub‐fund generated a return of 10.27% during the month. GOP Ijara Sukuk

exposure was increased.

Money Market sub‐fund generated an return of 6.25% during the month. The

exposure in cash was decreased.

The investment objective of the fund is to seek steady returns with a moderate

risk for investors by investing in a portfolio of equity, short medium term debt

and money market instruments.

Manager’s Comment

Equity sub‐fund generated return of -7.02% during the month. Overall allocation




The in obj ive of the fund is ek ady with a der

Fund Type An Open End SchemeCategory Islamic Voluntary Pension SchemeAsset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17)Stability Rating Not ApplicableLaunch Date 15-Nov-07Fund Manager Awais Abdul Sattar, CFA


Auditor Deloitte Yousuf Adil & Co., Chartered AccountantsManagement Fee 1.5% p.a.Front / Back end Load* 3% / 0%Min. Subscription PKR 500 Pricing Mechanism ForwardDealing Days Monday - FridayCut o" Timing Mon - Fri (9:00 AM to 5:00 PM)Leverage Nil

June 30, 2017

Shariah FMR June 2017 Mohammad Usama Iqbal Awais Abdul Sattar, CFA &KLHI ([HFXWLYH 2 ]FHU Asset...

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